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Potential Savings
Potential Savings
Hannah Garner avatar
Written by Hannah Garner
Updated over a week ago

Overview

The Potential Savings feature allows you to upload contracts and receive instant insights into potential savings on your tech stack based on our historical data. This tool helps you identify where you might achieve cost reductions and make more informed decisions.

Adding an Agreement

  1. Upload the Contract: Start by uploading your contract into the system.

  2. Enter Supplier Details: Input the supplier's name and the total contract value.

  3. View Potential Savings: Upon entering the contract value, potential savings will be displayed below. These savings are estimated based on aggregated, anonymized historical pricing data. It's important to note that these are not guarantees of future savings but provide an estimated range based on past vendor data.

Saving the Contract

Once you've entered all necessary information:

  1. Save the Contract: Click save to record the contract and its potential savings.

  2. Savings Insight: The potential savings will be logged as a savings insight within the contract. You can explore opportunities to achieve these savings by:

    • Viewing our Buyer Guides for tips, levers, and benchmark data.

    • Opting for us to negotiate on your behalf.

Viewing Potential Savings

Potential savings insights are also aggregated in the Agreements table:

  1. Accessing the Table: Navigate to the Agreements table.

  2. Aggregated Savings: In the right-hand corner, you will see the aggregated estimated range of potential savings.

  3. Detailed View: Click on Potential Savings to view detailed information.

    Why Isn't Data Showing Up?

    If you notice that data isn't showing up for certain suppliers, it could be due to several reasons:

    • Data Availability: We have data on over 700 suppliers and are adding new suppliers daily. It’s possible that your specific supplier has not yet been added to our database.

    • Data Anonymity and Aggregation: Sometimes, the data may not be immediately visible due to the processes of anonymizing and aggregating the data to ensure accuracy and privacy.

Purpose of Potential Savings

The Potential Savings feature is designed to:

  • Identify Suppliers: Help you understand which suppliers offer the most savings.

  • Prioritize Tech Stack: Assist in prioritizing areas of your tech stack where you might see significant savings or potential discounts in the future.

Disclaimer

The Potential Savings estimates are based on historical data and are not guarantees of future savings. Actual outcomes may vary.

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